LAYING

Laying a bet means you are betting on something not to happen. Laying its like being a bookmaker where you offer odds on sports. With the introduction of betting exchanges like Betfair, you can now offer odds on horse to win, and hence profit when they lose.

Why do you want to lay?

The attraction of laying (or offering odds) is that it offers you a lot of flexibility because you are offering odds on the event rather than accepting odds given to you by a bookmaker.

How does Laying work?

To be able to lay a bet with Betfair you need to have enough cash in your account to be able to pay out if the event you are offering odds on happens. For example if you wanted to lay a horse at 5/1 (6.00) and you had £100 in your account, you would be able to take bets up to a total stake of £20. If the horse wins you have to pay out £100 to the people who have bet £20 with you at 5/1. If it loses, you get to keep the £20 people have bet with you.